Manitoba Legislation

Manitoba's provincial payday loan legislation's effects are summarized below:

• 17% interest cap
• Not only no rollovers, but loans must be at least 7 days apart, or they have a separate interest cap of 5%.
• Maximum loan amount of 30% of the borrower's net pay.

Net pay calculations

Net pay is a specific term which is calculated according to the following formula:

net pay = (MNI x 12) / 26

Where MNI means is the person's net income for the most recent previous calendar month in which the
person received income, calculated by adding all income received by the person from all sources during that month, minus all compulsory and voluntary deductions.

This calculation has the unfortunate consequence that people who are not paid on a semi-monthly schedule have wildly fluctuating maximum loan amounts, depending on whether they have 2 or 3 pay periods in a month (for those paid bi-weekly) or 4 or 5 periods in a month (for those paid weekly).

In addition, all payday loans in Canada are subject to federal legislation.

Resources for payday loans in Manitoba:

• The Consumer Protection Act, C.C.S.M, c. 200.(referred to as the ‘Act’)
• The Consumer Protection Amendment Act (Payday Loans) S.M. 2006, c. 31.
• The Consumer Protection Amendment Act (Payday Loans) S.M. 2009, c. 12.
• The Payday Loans Regulation (Regulation 99/2007) (referred to as the ‘Reg’)
• The Payday Loans Regulation, amendment (Regulation 3/2009)
• The Payday Loans Regulation, amendment (Regulation 50/2010)
• The Personal Investigations Act, C.C.S.M. c. P34
• The Personal Investigations Regulation (Regulation 392/87R)
• The Business Practices Act, C.C.S.M. c. B120
• Canadian Payday Loan Regulations
• Payday Loans Timeline